Private Label Credit Cards in the U.S., 7th Edition

Date: October 22, 2011
Pages: 196
Price:
US$ 3,750.00
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Publisher: Packaged Facts
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: P4CDD902C31EN
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Private Label Credit Cards in the U.S., 7th Edition
Interesting times are ahead, according to the Packaged Facts report, Private Label Credit Cards in the U.S., 7th Edition. As America continues to struggle with an economy in hyper-flux, the private label card industry has stabilized the free-fall seen in the 2007-2010 period, setting the stage for future growth. With essentially all portfolios now being managed by third parties, improved credit quality and declining charge-offs, and indicators that consumer retail sales are picking up, issuers and retailers are focusing on their respective strengths moving forward.

There will still be hiccups in a return to growth but Packaged Facts forecasts receivables for private label card programs to reach $152 billion by 2015. While not to the levels seen pre-recession of $156 billion in 2007, the market should be cautiously optimistic. The future will still see many challenges but hopefully the good kind—such as how to integrate mobile technologies in to private label programs.

Aside from tracking receivables on an annual basis, to put the market in better context, several new metrics have been included to Private Label Credit Cards in the U.S., 7th Edition. These include:
  • U.S. General Purpose and Private Label Card Purchase Volumes and Share of Total General-Purpose Credit and Debit Card Purchase Volume
  • U.S. Private Label Card Usage Among U.S. Adults and Share of Total Credit Usage in the Past 12 Months
  • Average Amount Spent per U.S. Adult on Private Label Cards in the Past 12 Months
  • Annual U.S. Private Label Card End-of-Period Receivables and Consumer Revolving Credit Outstanding and Share of Total Consumer Revolving Credit Outstanding
  • U.S. Private Label Card Purchase Volume and Receivables on Cards by Third-Party Issuers and In-house Issuers by Share of Total Private Label Purchase Volume
  • Plus all new extended year-over-year coverage of key players’ individual receivables, retailers most important to the private label credit card market, and a discussion of top trends emerging in a digital marketplace, such as customer service in a YouTube world and the emerging mobile payment technologies.
CHAPTER 1: EXECUTIVE SUMMARY

Scope of Report
Methodology
Private Label Cards Market and Growth
Private Label Card Spending Down 14% in 2010
    Large Private Label Programs Suffer the Most
    Figure 1-1: U.S. Private Label Card Purchase Volume and Share of Total Credit and Debit Card Purchase Volume, 2006-2010 (in billions of dollars)
  Total U.S. Private label Card Receivables
    Figure 1-2: U.S. Private Label Card End-of-Period Receivables and Share of Total Consumer Revolving Credit Outstanding, 2006-2010 (in billions of dollars)
    Large Declines in Receivables For Many Major Players
  Private Label Cards Market Forecast
    Table 1-1: U.S. Private Label Card Purchase Volume and Receivables Purchase Volume, 2010-2015 (in billions of dollars)
  Factors Affecting Growth
Competitive Landscape
  Receivables by Issuer
    Table 1-2: U.S. Private Label Card End-of-Period Receivables by Issuer, 2006-2010 (in billions of dollars)
  Purchase Volume by Issuer
    Table 1-3: U.S. Private label Card Purchase Volume by Issuer, 2006-2010 (in billions of dollars)
  Private Label’s Core Retail Categories
    Core Retail Group Sales Performance
    Figure 1-3: Total U.S. Retail Sales of Core Private Label Card Categories and Share of Total U.S. Retail Sales (Excluding Food Service), 2001-2010 (%)
    Top 30 Private Label Card Retailers Accounted for 50% of Core Group Retail
    Table 1-4: Top 30 U.S. Private Label Card Retailers by Net Sales, 2009-2010 (in billions U.S. $)
  Top Private Label Card Retailers Programs and Their Issuers
The Consumer
  61 Million American Adults Have a Private Label Credit Card
    Usage Rates for All Private Label Credit Cards Declining
    Table 1-5: Year over Year Usage of Selected Credit Card Classifications, Fall 2007-Winter 2011 (percentage of U.S. adults)
    Private Label Usage Increases with Age
    Twice as Many Women Use Private Label Credit Cards
    Private Label Credit Card Usage Higher among Whites and Asians
    Higher Income Equals Greater Usage
    Smaller households are more frequent users of store cards
    Top Demographics of Private Label Cardholders Established, Female and Northeastern
    Table 1-6: Indices for Use of Any Private Label Card in Last Month, Select Demographic Characteristics, 2011 (U.S. Adults)
Trends and Opportunities
  Cautiously Higher Expectations for Economy Get Dashed
    Possibility of Double-Dip Recession
    For Private Label Credit Cards, Good and Bad
  New Legislation Will Restrict Credit Card Industry
    Contract Negotiations and Consumer Offerings Affected by New Regulations
    A Happier Credit Consumer Follows
    Store Cards as Loyalty Cards
  Retaining Happy Customers Key
    Customers More Empowered
  Older, Richer, Smaller Households Strongest Target Group
  Maximize Online Store Card Use
  Challenge from Alternative Payments Sector
  Payment Options: Easy and Green
  Developing New Markets
  Fraud Top of Mind
  How Mobile Changed Retail

CHAPTER 2: THE MARKET: HIGHLIGHTS

Scope of Report
Methodology
Private Label Card Basics
  Major Retailer Benefits: Usable Data and Customer Loyalty
  Major Cardholder Benefit: Buying Power
Total Credit and Debit Card Market and Growth
  Total U.S. Card Growth Hits Great Recession Bump in the Road
    Card Purchase Volume Up 8% in 2010
    Card Spending Captures Largest Share of Consumer Spending
    Greatest Card Growth Seen in 2007
    Slowing Economy Slows Purchase Volume Growth
    Figure 2-1: U.S. General Purpose Card Purchase Volume, 2006-2010 (in billions of dollars)
    Total Card Purchase Volume Sees Its First Decline
    Overall Growth Modest, Penetration Increase Impressive
Private Label Cards Market and Growth
  Total U.S. Private Label Card Purchasing
    Private Label Card Spending Down 14% in 2010
    Large Private Label Programs Suffer the Most
    Smaller Programs, Specialty Retailers See Growth
    Figure 2-2: U.S. Private Label Card Purchase Volume and Share of Total Credit and Debit Card Purchase Volume, 2006-2010 (in billions of dollars)
    Overall Growth Only Seen in 2007
    Private Label Card Spending Hit Harder Faster Than General Purpose Cards
    Spending Declines Accelerate in 2009
    Penetration Rate Falls 2.9 Percentage Points
    General Purpose Card Performance Contrast
    Table 2-1: U.S. General Purpose and Private Label Card Purchase Volumes and Year-over-Year Percentage Change, 2006-2010 (in billions of dollars)
    Fewer U.S. Adults Using Private Label Cards
    Figure 2-3: U.S. Private Label Card Usage Among U.S. Adults and Share of Total Credit Usage in the Past 12 Months, 2007-2010 (in millions of U.S. adults)
    Average Private Label Card Spending down 15% Since 2007
    Figure 2-4: Average Amount Spent per U.S. Adult on Private Label Cards in the Past 12 Months, 2007-2010 (in millions of U.S. adults)
  Total U.S. Consumer Revolving Credit Outstanding
    Figure 2-5: Total U.S. Consumer Revolving Credit Outstanding, 2006-2010 (in billions of dollars)
  Total U.S. Private Label Card Receivables
    Figure 2-6: U.S. Private Label Card End-of-Period Receivables and Share of Total Consumer Revolving Credit Outstanding, 2006-2010 (in billions of dollars)
    Large Declines in Receivables for Many Major Players
    Some Bright Spots among Smaller Issuers in 2010
    Receivables Growth at Its Apex in 2007
    Recession Accelerates Receivables Decline
    Table 2-2: U.S. Private label Card End-of-Period Receivables and Consumer Revolving Credit Outstanding and Year-over-Year Percentage Change, 2006-2010 (in billions of dollars)
    Private Label Card Receivables Lose Share Among Total Consumer Card Debt
  Total U.S. Third-Party Private Label Card Purchase Volume
    Figure 2-7: U.S. Private Label Card Purchase Volume on Cards by Third-Party Issuers and Share of Total Private Label Purchase Volume, 2006-2010 (in billions of dollars)
  Total U.S. In-House Private Label Card Purchase Volume
    Figure 2-8: U.S. Private Label Card Purchase Volume on Cards In-house Issuers and Share of Total Private Label Purchase Volume, 2006-2010 (in millions of dollars)
    Table 2-3: U.S. Private Label Card Purchase Volume by Issuer Type (Third Party, In-house) and Year-over-Year Percentage Change, 2006-2010 (in millions of dollars)
  Total U.S. Third-Party Private Label Card Receivables
    Figure 2-9: U.S. Private Label Card End-of-Period Receivables Managed by Third-Party Issuers and Share of Total Private Label Receivables, 2006-2010 (in billions of dollars)
  Total U.S. In-House Private Label Card Receivables
    Figure 2-10: U.S. Private Label Card End-of-Period Receivables Managed by In-house Issuers and Share of Total Private Label Receivables, 2006-2010 (in millions of dollars)
    Table 2-4: U.S. Private Label Card End-of-Period Receivables by Manager Type (Third Party, In-house) and Year-over-Year Percentage Change, 2006-2010 (in millions of dollars)
Private Label Cards Market Forecast
  Total U.S. Private Label Card Purchasing
    Growth in 2011 Down
    Snap Back in 2012
    Figure 2-11: U.S. Private Label Card Purchase Volume and Share of Total Credit and Debit Card Purchase Volume, 2010-2015 (in billions of dollars)
    Table 2-5: U.S. General Purpose and Private Label Card Purchase Volumes and Year-over-Year Percentage Change, 2010-2015 (in billions of dollars)
  Total U.S. Private Label Card Receivables
    Figure 2-12: U.S. Private Label Card End-of-Period Receivables, 2010-2015 (in billions of dollars)
    Table 2-6: U.S. Private Label Card End-of-Period Receivables and Consumer Revolving Credit Outstanding and Year-over-Year Percentage Change, 2010-2015 (in millions of dollars)
  Factors Affecting Growth
    Economic Factors Weigh Heavily
    Job Growth Quality Falters
    Consumer Sentiment Plummets
    Disposable Income Slowing, Personal Savings Rising
    Greater Numbers of Retirees to Spend Less
  Private label Card Product Challenges
    New Payment Options Pose Increased Competition
    Retail Segments Related to the Home to See Delayed Rebound
    Certain Channels Losing Customers to General Merchandise Stores, Online Retail

CHAPTER 3: COMPETITIVE LANDSCAPE: HIGHLIGHTS

Private Label Card Issuers
Receivables by Issuer
  Citibank Receivables Continue to Shrink
  No One to Buy Citibank’s Portfolio
  GE Capital Retail Finance Focuses on the U.S.
  HSBC Finance Receivables Down 12%
  Capital One Buys HSBC, Becomes Private Label Card Powerhouse
  JPMorgan Chase Halves Portfolio
  Table 3-1: U.S. Private Label Card End-of-Period Receivables by Issuer, 2006-2010 (in billions of dollars)
  Table 3-2: U.S. Private Label Card End-of-Period Receivables Percentage Change by Issuer, 2007-2010 (%)
  Alliance Data Systems Receivables Rise
  Smaller, Independent Issuers Fare Better
Who Will Buy Target’s Program
  Target to Go North
Will Nordstrom, Signet Sell Out?
  Two Independents, Two Different Card Programs
  Nordstrom Potentially Less Risky, Signet Potentially More Profitable
  Figure 3-1: Share of U.S. Private Label Card End-of-Period Receivables by Issuer, 2010 (%)
  Figure 3-2: Share of U.S. Private Label Card End-of-Period Receivables by Third-Party Issuer, 2010 (%)
  Figure 3-3: Share of U.S. Private Label Card End-of-Period Receivables by In-House Issuer, 2010 (%)
Purchase Volume by Issuer
  Gas Price Volatility Affects Purchase Volume
  Citibank Purchase Volume Down
  Alliance Data’s Purchase Volume Rebounds
  Target’s Focus on REDCard Lifts Purchase Volume
  Cato Fashions Moving Away from Private Label Cards?
  Table 3-3: U.S. Private Label Card Purchase Volume by Issuer, 2006-2010 (in billions of dollars)
  Table 3-4: U.S. Private Label Card End-of-Period Receivables Percentage Change by Issuer, 2007-2010 (%)
  Figure 3-4: Share of U.S. Private label Card End-of-Period Receivables by Issuer, 2010 (%)
    Figure 3-5: Share of U.S. Private label Card End-of-Period Receivables by Third-Party Issuer, 2010 (%)
  Figure 3-6: Share of U.S. Private label Card End-of-Period Receivables by In-House Issuer, 2010 (%)
Private Label Card Retail
  Private Label’s Core Retail Categories
    General Merchandise Stores
    Building Material Stores
    Clothing & Accessory Stores
    Electronics & Appliance Stores
    Furniture & Home Furnishing Stores
    Sporting Goods, Hobby, Book, and Music Stores
    Office Supply Stores
    Non-Core Retailer Categories
    Core Retail Group Sales Performance
    Figure 3-7: Total U.S. Retail Sales of Core Private Label Card Categories and Share of Total U.S. Retail Sales (Excluding Food Service), 2001-2010 (%)
    Table 3-5: Total U.S. Retail Sales by Core Private Label Card Category, 2006-2010 (in billions of dollars)
    Figure 3-8: Share of U.S. Retail Sales by Core Private Label Card Category, 2010 (%)
    Ecommerce May Be the Place to Be
    Figure 3-9: Total U.S. Retail Sales of Core Private Label Categories Including Ecommerce and Share of Total U.S. Retail Sales (Excluding Food Service), 2001-2010 (%)
    Table 3-6: Total U.S. Retail Sales by Core Private Label Category including Ecommerce and Mail Order, 2006-2010 (in billions of dollars)
    Figure 3-10: Share of U.S. Retail Sales by Core Private Label Card Category Including Ecommerce, 2010 (%)
Top 30 Private Label Card Retailers
  Top 30 Private label Card Retailers Accounted for 50% of Core Group Retail
  Figure 3-11: Top 30 Private Label Retailers Total Sales and Share of Core Group Retail Sales, Including and Excluding Ecommerce, 2009-2010 (in billions U.S. dollars, %)
  Wal-Mart the Heavyweight, Target a Distant No.2
  Costco Quietly Grows
  Big Box Store Receivables Trend
  Figure 3-12: Total Target Corp. and Wal-Mart, Inc. End-of-Period Receivables: Private Label and Co-Brand Card, 2006-2010 (in billions U.S. dollars)
  Home Depot and Lowe’s Are Big Players
  Home Depot Private Label Volume Declines Amidst Total Sales Growth
  Best Buy Leads Electronic Stores
  Figure 3-13: Total U.S. Sales at Home Depot (Private Label Card and All Other) and Private Label Card Share of Total U.S. Sales, 2006-2010 (in billions U.S. dollars)
  Table 3-7: Top 30 U.S. Private Label Card Retailers by Net Sales, 2009-2010 (in billions U.S. $)
Issuer Focus: GE Capital’s Retailer Receivables
  Wal-Mart’s Receivable Growth Comes from Co-Brand Card, Private Label Flat
  JCPenney Receivables Decline 12% from High, Modestly for Period
  Declines Concentrated in Lowe’s, Dillard’s
  Table 3-8: Selected GE Money Bank Retailer Card Receivables (Securitized), 2006-2010 (in billions U.S. $)
  Figure 3-14: Share of GE Capital Retail Financing Securitized Receivables, 2010 (%)
Top Private Label Card Retailers Programs and Their Issuers
Table 3-9: Leading Retailer Private Label Card Programs, 2011

CHAPTER 4: COMPETITOR PROFILES: HIGHLIGHTS

Competitor Profile: Citi Retail Services (Citigroup, Inc.)
  Focus on Credit Quality Results in Lower Delinquencies
  Profitable Retail Partner Cards Division
  Table 4-1: Citigroup, Selected Private Label Credit Card Agreements, 2010-2011
  Performance and Outlook
Competitor Profile: GE Capital Retail Finance (General Electric Co.)
  GE Capital Scales Down Operations
  GE Streamlines U.S. Credit Card Portfolio
  New Accounts and Account Extensions
  Table 4-2: GE Retail Capital Finance, Selected Private Label Credit Card Agreements, 2010-2011
  GE Capital Back in the Red as Losses and Impairments Declined
Competitor Profile: HSBC Retail Services (HSBC Finance Corp.)
  HSBC Announces Sale of Credit Card Business to Capital One
  Table 4-3: HSBC, Selected Private Label Credit Card Agreements, 2010-2011
  Loss of Merchant Relationships and Higher Impairments Impact Results
Competitor Profile: Capital One Financial
  Capital One’s Position in Private Label Cards Growing Strong
  Table 4-4: Capital One, Selected Private Label Credit Card Agreements, 2010-2011
  Growth to be Driven by Acquisitions
Competitor Profile: JPMorgan Chase
  JPMorgan Chase Divests Major Asset to Capital One
  Performance and Outlook
Competitor Profile: Alliance Data
  'Born from Retail'
  Aggressive Investments during Downturn Drives Growth
  Table 4-5: Alliance Data, Selected Private Label Credit Card Agreements, 2010-2011
  Performance and Outlook
Competitor Profile: Wells Fargo Retail Services
  Table 4-6: Wells Fargo, Selected Private Label Credit Card Agreements, 2010-2011
  Performance and Outlook
Competitor Profile: The Army & Air Force Exchange Service (The Exchange)
Competitor Profile: TD Retail Card Services
  TD Retail Targets Home and Jewelry Retailers
  Table 4-7: TD Retail, Selected Private Label Credit Card Agreements, 2010-2011
  Performance and Outlook
Competitor Retailer Profile: Target Financial Services (Target Corp.)
Target Credit Card Goes Exclusive
  Target Credit Card 5% Discount
Target Puts Credit Card Receivables Up for Sale
  Performance and Outlook
Competitor Retailer Profile: Signet Jewelers Limited
  Performance and Outlook
Competitor Retailer Profile: Nordstrom Inc.
  Rewards Program Drives Sales
  Nordstrom Has No Plans to Sell Card Business
  Performance and Outlook
Competitor Profile: Cato Fashions (Cato Corp.)
  Performance and Outlook
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